.jpg)
1 hour ago
3
Article content
(Bloomberg) — OPEC’s crude production remained steady last month as a pullback by Saudi Arabia partly offset a further boost by the United Arab Emirates, according to a Bloomberg survey.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The Organization of the Petroleum Exporting Countries pumped an average of 28.31 million barrels a day in July, barely changed from the previous month, the survey showed.
Article content
Article content
Article content
The Saudis cut by 220,000 barrels a day to 9.53 million a day, paring a surge made in June that was aimed at relocating supplies beyond the region during the Israel-Iran conflict. The UAE boosted by roughly half as much.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
OPEC and its allies have been swiftly reviving halted output over the past few months in a bid to recoup global market share, a strategy pivot that has pushed crude prices lower. Brent futures are trading near $68 a barrel.
Article content
They completed the restoration of a first tranche on Sunday by green-lighting another hike of 547,000 barrels a day for September. The coalition signaled its next move could be anything from restarting more idle barrels to cutting production again.
Article content
Some alliance members have been especially keen to bolster sales.
Article content
The UAE raised production by 100,000 barrels a day to 3.5 million a day in July, according to the survey. While this would put Abu Dhabi significantly above its OPEC+ quota, the group’s own data show the UAE as largely compliant.
Article content
Production from the five OPEC nations involved in the wider alliance’s supply accords averaged 20.7 million barrels a day in July, or about 451,000 more than their collective target, excluding any commitments to compensate for earlier overproduction. Three non-OPEC members are also engaged in the supply agreement.
Article content
Article content
Estimates for Saudi production in June were revised higher, to 9.75 million barrels a day, in line with the kingdom’s data submission to the OPEC secretariat and considerably over its quota.
Article content
Riyadh said last month it bolstered production in June as a precautionary step during the hostilities between Israel and Iran, but that it had supplied a smaller volume to the market.
Article content
Several of the companies that assess output on behalf of OPEC said the Saudis pressed them to report this supply-to-market figure, which would conform with the country’s limit.
Article content
Bloomberg’s production survey is based on ship-tracking data, information from officials and estimates from consultants Rapidan Energy Group, FGE, Kpler Ltd. and Rystad Energy.
Article content
—With assistance from Prejula Prem, Anthony Di Paola, John Deane, Verity Ratcliffe and Lucia Kassai.
Article content
English (US)